Canaan has moved deeper into the U.S. mining market with a $39.75 million acquisition in Texas. The deal gives the company operational control of three mining sites with a combined power capacity of 120 megawatts and an estimated potential output of about 4.4 exahashes per second.
Three sites and 6,840 Avalon miners added
Alongside the sites, Canaan is also acquiring 6,840 Avalon A15Pro mining machines from Cipher. Those rigs had been running at Cipher’s Black Pearl facility, which is now being reworked into an advanced center focused on artificial intelligence and high-performance computing. The asset transfer gives Canaan both physical infrastructure and installed hardware in one transaction.
The combination matters because scale in Bitcoin mining is still tied to power access, machine efficiency, and site availability. With this purchase, Canaan increases its direct operating presence in Texas, one of the most important mining hubs in the United States.
Share issuance used to fund the acquisition
To finance the transaction, Canaan issued more than 806 million new Class A shares, equal to about 54 million American Depositary Shares priced at $0.7394 per ADS. The shares are subject to a six-month lock-up period, a structure the company said is intended to support orderly integration after the deal closes.
Chairman and CEO Nangeng Zhang said the investment fits Canaan’s long-term hardware integration strategy. He also pointed to electricity rates at the Texas projects that are below the industry average, which the company sees as a direct advantage for operating efficiency and for its competitive position in the U.S. market. Zhang described the arrangement as an important step in combining Canaan’s in-house hardware with efficient energy infrastructure.
Expansion comes as miners chase new computing markets
Canaan’s latest financial results show strong recent growth. In its most recent quarter, revenue rose more than 121% year over year to $196 million. Revenue from Bitcoin mining operations climbed 99% to $30.4 million, and the company reported reserves of 1,750 BTC at the latest reporting date.
The Texas expansion comes at a time when mining companies are looking beyond traditional crypto revenue. As margins tighten, more firms are redirecting infrastructure toward AI and cloud computing. The report notes that MARA Holdings acquired a 64% stake in French technology company Exaion to gain access to AI services, while Hive Digital Technologies, Hut 8, TeraWulf, and Iren are also converting mining operations into data centers. CoreWeave, by contrast, is now focused entirely on AI-driven services.